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28Oct2016 Market Update: Wall Street Tries To Fight Off Bears And Fails, Gold Shoots Higher, US Dollar Falling Like A Rock, Expect Volatility

Written by Gary

US markets fall from a green session high to a 'minor' selloff (SPY -042%), gold reverses course skyrocketing from 1263 to 1280. The US dollar is slipping, down -0.62%, but crude prices remain steady. Indicators are bearish and more downside is predicted.


Here is the current market situation from CNN Money

North and South American markets are mixed. The Bovespa is higher by 0.82%, while the S&P 500 is leading the IPC lower. They are down 0.33% and 0.05% respectively.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 71%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 39%
Investors Intelligence sets the breath Above 50 bullish 56%
StockChart.com Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. -40.67
StockChart.com NYSE % of stocks above 200 DMA Index ($OEXA200R) $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Following a major market correction, the conditions for safe re-entry are when:
a) Daily $OEXA200R rises above 65%
Secondary Bullish Indicators:
a) RSI is POSITIVE (above 50)
b) Slow STO is POSITIVE (black line above red line)
c) MACD is POSITIVE (black line above red line)
68%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash.

57%

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction.

55%

StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value 18.50
StockChart.com Consumer Discretionary ETF (XLY) As long as the consumer discretionary holds above [66.88], all things being equal, it is a good sign for stocks and the U.S. economy 78.41
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 10,525

Looking at the last three columns, the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall St. rises amid robust earnings, GDP data

(Reuters) - Wall Street rose on Friday as robust economic data shone light on the strength of the U.S. economy, while upbeat results from Alphabet and Chevron offset the decline in health stocks and Amazon.

Madoff trustee reaches $277 million accord with money manager's family

(Reuters) - The court-appointed trustee liquidating Bernard Madoff's firm said on Friday he has reached a settlement with the family of late Beverly Hills money manager Stanley Chais that will provide more than $277 million to victims of Madoff's Ponzi scheme.

BMW recalling 154,472 vehicles in U.S., Canada over fuel pumps

DETROIT (Reuters) - BMW is recalling 154,472 vehicles registered in the United States and Canada for a fuel pump problem that could cause stalling, according to a filing with U.S. safety regulators and BMW.

Exports boost U.S. growth in third quarter; consumer spending slows

WASHINGTON (Reuters) - The U.S. economy grew at its fastest pace in two years in the third quarter as a surge in exports and a rebound in inventory investment offset a slowdown in consumer spending.

Belgium's Walloon parliament backs EU-Canada trade deal

BRUSSELS (Reuters) - The parliament of Belgium's French-speaking region of Wallonia voted in favor of a planned EU-Canada trade agreement on Friday, ending its opposition that threatened to destroy the entire deal.

Mondelez recalls two flavors of Oreo Fudge Cremes in U.S.

(Reuters) - Mondelez International Inc said on Friday it is recalling certain batches of two varieties of Oreo Fudge Cremes sold in the United States as their ingredient lists do not mention milk allergen.

OPEC officials debate thorny issue of how to implement supply cut

VIENNA (Reuters) - OPEC officials began talks in Vienna on Friday aimed at working out details of their oil supply-cut agreement, which they concede is looking more complicated by the day.

VW says 1.23 million diesel cars have been refitted with software update

BERLIN (Reuters) - Volkswagen said it has refitted 1.23 million diesel cars with a software update on pollution control systems as it pushes steps to overcome its emissions scandal.

Exclusive: Deutsche Bank among bidders for HSH Nordbank's debt portfolio

LONDON/FRANKFURT (Reuters) - Deutsche Bank is among more than 20 bidders in talks to potentially buy a 3.2 billion euro ($3.5 billion) loan portfolio from state-owned rival HSH Nordbank [HSH.UL] as Germany's biggest lender tries to do deals despite its troubles, sources told Reuters.

CLiNToN FouNDaTioN 419...

CLINTON 419

In Latest Blow To US, Malaysia Will Buy Navy Vessels From China

Having largely lost long-time ally Philippines as an anchor to US foreign policy in the Pacific rim, a loss which comes at a critical time for the US just as China is aggressively expanding its territorial ambitions in the South China Sea, Washington is set to lose another key ally, and a critical one at that: as Reuters reports, in a "blow to the US", Malaysia's corrupt Prime Minister Najib Razak, whose involvement in the 1MBD scandal has been extensively reported by the WSJ for over a year now, will sign a contract to purchase Littoral Mission Ships from China when he visits Beijing next week, according to a Facebook posting by the country's Ministry of Defense.

The text of a speech to be delivered by Malaysian defense minister Hishammuddin Hussein appears to have been accidentally posted on Facebook on Tuesday, but was later removed after Reuters asked a defence ministry spokesman for comment.

The purchase of the patrol vessels, if it proceeds, would be Malaysia's first significant defence deal with China and comes amid rising tensions in the South China Sea and as the United States and China compete for influence in the region. It would also be the latest, if far more nuanced, pivot away from a US sphere of inluence in the region since Philippines' Duterte said he was severing ties with the US last week.

China's foreign ministry spokesman Lu Kang said on Friday he was "unclear on the specifics of the situation". But responding to a Reuters question at the daily ministry briefing he noted China and Malaysia "continue to cooperate and communicate regularly across all spheres".

Why the diplomatic fallout between the US and Malaysia?

One reason, as we noted last weekend, is that thanks to the Podesta leaks ...

Volcker the Vulture Points to U.S. 'Debt Problem'

Hold your real assets outside of the banking system in one of many private international facilities --> https://www.sprottmoney.com/intlstorage

Volcker the Vulture Points to U.S. 'Debt Problem'

5 Things You Need To Know About The Dakota Access Pipeline Protests

Submitted by Nick Bernabe via TheAntiMedia.org,

A small Standing Rock Sioux site in North Dakota called the Sacred Stone Camp has been propelled into the national news narrative following their stand against the Dakota Access Pipeline. Due in part to independent media coverage of the ongoing standoff, the Sacred Stone camp has grown into a formidable opposition against the $3.8 billion, 1,200-mile long pipeline.

Due to misinformation coming from law-enforcement, political favoritism toward the pipeline builders, and the media's blatant reluctance to report on the pipeline, it's hard to tell truth from fiction. Anti-Media, along with our partners in the independent media and our embedded journalist at the opposition encampment, have been covering the unfolding standoff continuously. Here are five things you need to know.

1. Who is opposing the pipeline — and why

Dakota Access Pipeline

The Standing Rock Sioux tribe is leading the opposition to the Dakota Access Pipeline. They have been joined by the

Good Quarter Signals Better Growth Next Year

Corporate, government and consumer spending are likely to pick up, boosting growth.

McKesson Sounds the Drug-Price Alarm

In a worrisome sign for stocks, drug prices might not be rising as much as investors thought.

As Oil Slump Continues, Baker-Hughes Needs a Deal

Baker-Hughes has seen its shares outperform larger peers but has good reason to talk to General Electric.

Push back from drug-price spikes hurting more than just pharma companies

Ramifications are spreading across the sector, beyond just individual drug companies.

Project Syndicate: Economic anxiety isn't behind Trump or Brexit

The tide of populism that drove Donald Trump's campaign and the Brexit vote isn't powered by economic anxieties, but by the old cultural wars, writes Anatole Kaletsky.

The Wall Street Journal: T. Rowe Price pushes Oracle to boost NetSuite buyout bid

T. Rowe Price, a large shareholder of NetSuite, is pushing to Oracle to raise its buyout bid for NetSuite by 22% to $133 a share from $109 a share.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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